Manage a child’s assets within defined legal authority

Identify who holds financial guardianship or tutorship and the scope of that appointment. Custody alone does not authorise selling property, taking money for personal benefit or gifting the child’s assets; certain transactions require the court’s permission before they can proceed.

Keep a separate inventory of assets, receipts, expenditure and ownership documents. Mixing the child’s funds with personal money makes it harder to demonstrate expenditure in their interests; record the purpose and supporting receipt for each payment made on their behalf.

Before selling, mortgaging, borrowing, investing or dealing with connected persons, check authority and any required judicial approval. Family agreement does not replace necessary permission; mismanagement or conflicts can lead to judicial scrutiny and changes to who administers the assets.